MANILA, Philippines—Local banking giant Metropolitan Bank and Trust Co. increased its net profit last year by 40 percent to a record-high P15.4 billion on higher interest and non-interest earnings.
Metrobank, the banking arm of tycoon George Ty, also announced that its balance sheet had exceeded the P1-trillion mark for the first time. Total assets increased by 9 percent to total P1.04 trillion by the end of the year. It is the second Philippine bank to breach this milestone after Banco de Oro Unibank.
The increase in balance sheet was fueled by a 15-percent rise in its loan book to P525.7 billion, with the consumer and commercial middle market leading the growth. The expansion in earning assets was supported by an 8-percent growth in deposits to P738.7 billion.
Total operating income improved by 16 percent to P58.7 billion on the back of a 5-percent growth in net interest income to P30.8 billion. Non-interest income also increased by 33 percent.
Despite intensified market competition, Metrobank noted that its net interest margin improved to 3.6 percent from last year’s 3.5 percent supported by a more favorable deposit mix.